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  1. Wyllner's L & Landscaping

    Wyllner's L & Landscaping LawnSite Member
    Posts: 31

    Starting out, would it be better to take out about $15,000 in a business loan or a personal loan? All suggestions are appreciated
  2. humble1

    humble1 LawnSite Silver Member
    from MA
    Posts: 2,499

  3. fparella

    fparella LawnSite Member
    from ma
    Posts: 5

    :waving:I'm on my second "go- round" with this, my current new business I had a sizable one which I sold 7 years ago. Back when I was first starting out and again now I have found that those credit card offers with teaser rates work fine. for example I just got one with a $35,000.00 limit and no interest for 1 year and an other one for about 30k with no int for 18 mos. I like that because I only use as much as I need and only when I need it. Further, If you pay your bills on time you keep getting teaser offers to transfer your balance usually for similar deals. We started our company like that and kept "flipping" balances for years. The biggest benefit of this is that when biz is good you can make big payments and during the slow season the min payments are quite small.

    but hey .. that's just my opinion, Good luck
  4. bohiaa

    bohiaa LawnSite Fanatic
    Posts: 5,220

    whats the deal with all these worthless threads .......
  5. LB1234

    LB1234 LawnSite Gold Member
    Posts: 3,210

    Personally, I made the mistake of NOT obtaining loans through the business when we first started. Then, when it came time for growing the business to the next level I didn't have bad credit, but I didn't have good credit at all. My advice would be to obtain a loan through the busines name...but more than likely you personally will have to co-sign for the loan so if the business faults on the loan they come after you.
  6. french's lawn care

    french's lawn care LawnSite Member
    Posts: 40

    I went cheap but reliable and only borrowed for what i had too. it takes money to make money Bought a 5x10 trailer for $700 which is a really good price, I customized it for me by bolting preeure treated 2x6x10 boards($100) to the deck and welding a bracket together to lift my full size truck tool box up off the trailer for more space you dont need commercial trimmers and push mowers so go cheap and run them into the ground but dont cheap out on the heart of your buisness borrow if you have too for your zero turn get a good one but shop around. we have tractor supply up here in ny and this year they started selling bad boy mowers at a good price they have one at ours with a 60 in deck 26 hp briggs and electric lift for $5000 so for six grand you have a start and see where you go good luck
  7. larryinalabama

    larryinalabama LawnSite Fanatic
    Posts: 16,985

    A business loan and a personal loan are the same thing. I agree with the other feller dont get any loan just start small.

    My opinion is if you cant afford to go into business wait till you can.
  8. Classified

    Classified LawnSite Senior Member
    Posts: 988

    I started out with cash, and i think that is the best way. who cares about business credit when the compnay is so small. besides, i was looking to get a loan to buy a truck recently and as a business you need to be in business for 5 years before they even look at ya. So imo, start with cash and 5+ years down the road should be about the time youll really want to grow and expand and then youll be able to get the credit that you need.
  9. lawnpro724

    lawnpro724 LawnSite Silver Member
    Posts: 2,201

    That has to be the worst advice I have ever heard on this site or for that matter anywhere else. I know it just you opinion and you have the right to do whatever you want to. Building your business up using credit cards is nothing more than a recipe for disaster. Pay cash for what you need and remember the saying "good things take time" if business is doing better than you can afford to keep up with and the future looks good then talk with you local bank and work the details out with them.
  10. N.H.BOY

    N.H.BOY LawnSite Bronze Member
    Posts: 1,604

    yea I have read alot of these "post" about start up money, and IMO I would look for a loan for equiment like GE money has 0% for three years on Cub Cadet Tanks (last I checked) and I would use those 0% cards on small handheld stuff you need. Start small grow BIG....

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